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ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) reported a remarkable increase in Q3 '22 revenue of $1.44 million, representing over a 12x growth from the same quarter last year. The company manufactured 103 SOLO vehicles in Q3, though deliveries were impacted by a 'Zero Covid' policy in China, resulting in 64 EMV deliveries. The Mesa facility build-out is on track to conclude by year-end, while operating discipline has improved gross margins by 55 points. The company boasts over $1.73 million in working capital with 32% revenue and 37% delivery growth from Q2.
Positive
Q3 '22 revenue reached $1.44 million, up over 12x from last year.
Improved gross margins by 55 points due to better operating discipline.
Over $1.73 million in working capital.
Revenue growth of 32% and delivery growth of 37% from Q2.
Negative
Q3 vehicle deliveries impacted by temporary 'Zero Covid' slowdown in China.
Company Reported $1.44 Million in Q3 ‘22 Revenue, Up Over 12x From the Year Ago Quarter
Contract Manufactured SOLOs for Q3 ‘22 Total 103, Reflecting Temporary “Zero Covid” Slowdown in China, While EMV Maintains Delivery Pace at 64 Vehicles for the Quarter
Mesa Facility Build Out Continues On Pace to be Setup at Year End, as Operating Discipline Improves Gross Margins by 55 Points
EMV Announced AZ License to Sell SOLOs in State, Plans to Hold Investor Day in Mid-February
Business Maintains Over $173 Million of Working Capital as Trailing Twelve Month Revenues and Deliveries Improve 32% and 37% from Q2, Respectively
VANCOUVER, British Columbia--(BUSINESS WIRE)--
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) (“ElectraMeccanica” or the "Company"), a designer and manufacturer of electric vehicles revolutionizing the urban driving experience, today reported financial results for the third quarter ending September 30, 2022 in conjunction with the filing of its Quarterly Report on Form 6-K.
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) is a designer and manufacturer of environmentally efficient electric vehicles (EVs). The company’s flagship vehicle is the innovative, purpose-built, single-seat EV called the SOLO. This three-wheeled vehicle will revolutionize the urban driving experience, including commuting, delivery and shared mobility. Engineered for a single occupant, it offers a unique driving experience for the environmentally conscious consumer. Depending on driving conditions, temperature and climate controls, the SOLO has a range of up to 100 miles and a top speed of up to 80 mph. The SOLO also features front and rear crumple zones, side impact protection, roll bar, torque-limiting control as well as power steering, power brakes, air conditioning and a Bluetooth entertainment system. It blends a modern look with safety features at an accessible price point of $18,500 (MSRP) for the consumer model and $24,500 (MSRP) for the delivery-oriented SOLO Cargo model, which features an expanded cargo box to accommodate a wide variety of fleet and commercial applications. The SOLO is currently available for order here. For more information, please visit www.electrameccanica.com.
Safe Harbor Statement
Except for the statements of historical fact contained herein, the information presented in this news release and oral statements made from time to time by representatives of the Company are or may constitute “forward-looking statements” as such term is used in applicable United States and Canadian laws and including, without limitation, within the meaning of the Private Securities Litigation Reform Act of 1995, for which the Company claims the protection of the safe harbor for forward-looking statements. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect,” “is expected,” “anticipates” or “does not anticipate,” “plans,” “estimates” or “intends,” or stating that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labor disputes and other risks of the automotive industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company’s ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities.
